AUD/USD: Deeper Drop is Not Ruled Out
Trading stays neutral, as a consolidation from temporary minimum 0.7642 continues. Stronger recovery is expected in the pair, and deeper decline is not ruled out. Pivot points are at: (S1) 0.7678; (P) 0.7699; (R1) 0.7737.
The drop from 0.8135 could extend to retest key support level 0.7500 in case of break of 0.7642. Overcoming of minor resistance 0.7784 will point out a near term trend reversal. In that case, trading will back to the upside for resistance 0.7915.
A medium term recoil from 0.6826 is a correction, which might prolong. Upside should be bounded by resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Overcoming of support 0.7500 will point out completion of the corrective recoil.